How does the carry over of the FL Homestead exemption work?
Basically the Homestead Exemption amount has doubled to $50,000. Because of the “Save Our Homes” Act of 1996 the government is allowed to increase your taxes by assessment only 3% a year, helping long term residents stay in their homes and not be priced out by increased taxes. Unfortunately, until last January if a resident sold a home and purchased another one they were required to pay the new assessment taxes. With the Portability of the new state law you can transfer the tax savings from your previous primary residence to the new home.
